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RNS Number : 5888H Naked Wines PLC 20 March 2024
20 March 2024
Naked Wines plc
("Naked Wines" or "the Company")
Update on debt refinancing process and trading
Following recent press coverage regarding the appointment of debt advisers to
explore refinancing options, the Company confirms that the appointment was
previously disclosed within the Company's HY24 results on 15 December 2023,
where Naked confirmed it was working with an adviser to explore options for
replacing or renewing its existing credit facility.
The existing credit facility expires in April 2025 and as such the Company is
running a typical replacement review well in advance of that date. The Company
is targeting a facility of similar scale with additional financial and
operational flexibility, providing more capacity to pursue the actions being
undertaken to return the company to profitable growth. Constructive
discussions are being held with a number of parties to secure this.
Trading update
Following the improving trend in Q3 FY24 revenue reported on 18 January 2024,
revenue in Q4 FY24 has continued to be in line with the Company's
expectations. Since its January trading update and following the announced
early redemption of the Majestic Vendor Loan Note, the Company's net cash
position has improved to c.£17m (Q3 FY24: £3m) and therefore is anticipated
to be at the top end of previous guidance (£0-15m) for FY24.
The Company intends to provide a further pre-close trading update in respect
of FY24, including an update on the refinancing process, prior to announcing
FY24 results in July 2024.
For further information, please contact:
Naked Wines plc IR@nakedwines.com
Rowan Gormley, Executive Chairman
James Crawford, Chief Financial Officer
Catherine Miles
Investec (NOMAD & Joint Broker) Tel: 0207 597 5970
David Flin / Ben Farrow
Jefferies (Joint Broker) Tel: 0207 029 8000
Ed Matthews / Harry Le May
Instinctif (Financial PR) Tel: 07917 178 920 / 07931 598 593
Guy Scarborough / Damian Reece
About Naked Wines plc
Naked Wines connects everyday wine drinkers with the world's best independent
winemakers.
Why? Because we think it's a better deal for everyone. Talented winemakers get
the support, funding and freedom they need to make the best wine they've ever
made. The wine drinkers who support them get much better wine at much better
prices than traditional retail.
It's a unique business model. Naked Wines customers (who we call Angels)
commit to a fixed prepayment each month which goes towards their next
purchase. In turn. Naked funds the production costs for winemakers, generating
savings that are passed back to its customers. It creates a virtuous circle
that benefits both wine drinker and winemaker.
Our mission is to change the way the whole wine industry works for the better.
In the last financial year we served more than 792,000 Angels in the US, UK
and Australia, making us a leading player in the fast-growing
direct-to-consumer wine market.
Our customers have direct access to 293 of the world's best independent
winemakers making over 2,000 quality wines in 22 different countries. We
collaborate with some of the world's best independent winemakers like Matt
Parish (Beringer, Stags' Leap) and eight-time Winemaker of the Year Daryl
Groom (Penfolds Grange).
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